…As RMAFC applauds corporation for openness, sustained progress
Lagos — Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari, has called on relevant government institutions to work together to tackle challenges facing the nation’s oil and gas industry with a view to boosting revenues from the sector, especially third party financing.
Kyari made the call during a visit to the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, office in Abuja.
According to him, NNPC is focusing on third party financing of oil and gas development projects, stressing that the current global reality of energy transition has proved gas resources to be more viable as a revenue earner for the nation and that NNPC was beginning to focus more on gas development to boost the nation’s economy and offer maximum value to Nigerians.
“As we intensify efforts towards exploitation of oil, gas has become very prominent in transactions. Throughout the Covid-19 situation, the only stream of revenue that was not impacted negatively was the gas stream and that is why we have shifted our focus to gas both in the domestic market and for export,” Mallam Kyari stated.
He also reiterated the need for regular high-level interaction between the Corporation and RMAFC on the issue of financing with a view to deriving maximum benefit for the over 200 million citizens of Nigeria.
The Chairman of the RMAFC, Engr. Elias Mbam, then commended the Kyari-led NNPC management for its openness and sustained progress towards accountability and meeting its obligations to the Federation in spite of the challenges posed by the Covid-19 pandemic.
He reaffirmed that the purpose of the meeting was for both organisations to share information, look at challenges and provide solutions that would enable the oil and gas sector to yield more revenue to the Federation Account, adding that the commission was willing to commit to laudable projects raised by the corporation.